QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
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☒ |
Accelerated filer |
☐ | |||
Non-accelerated filer |
☐ |
Smaller reporting company |
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Emerging growth company |
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Page 3 |
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Page 4 |
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Page 5 |
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Page 6 |
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Page 7 |
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Page 8 |
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Page 10 |
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Page 19 |
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Page 30 |
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Page 31 |
Page 31 |
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Page 32 |
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Page 33 |
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Page 34 |
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Page 36 |
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EX – 31.1 Section 302 CEO Certification |
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EX – 31.2 Section 302 CFO Certification |
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EX – 32.1 Section 906 CEO Certification |
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EX – 32.2 Section 906 CFO Certification |
September 28, 2019 |
December 29, 2018 |
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ASSETS |
||||||||
Current Assets |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Short-term investments |
||||||||
Trade accounts receivable, less allowance of $ |
||||||||
Other receivables, including advances to independent contractors, less allowance of $ |
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Other current assets |
||||||||
Total current assets |
||||||||
Operating property, less accumulated depreciation and amortization of $ |
||||||||
Goodwill |
||||||||
Other assets |
||||||||
Total assets |
$ | $ | ||||||
LIABILITIES AND EQUITY |
||||||||
Current Liabilities |
||||||||
Cash overdraft |
$ | $ | ||||||
Accounts payable |
||||||||
Current maturities of long-term debt |
||||||||
Insurance claims |
||||||||
Accrued compensation |
||||||||
Contractor escrow |
||||||||
Other current liabilities |
||||||||
Total current liabilities |
||||||||
Long-term debt, excluding current maturities |
||||||||
Insurance claims |
||||||||
Deferred income taxes and other noncurrent liabilities |
||||||||
Equity |
||||||||
Landstar System, Inc. and subsidiary shareholders’ equity |
||||||||
Common stock, $ |
||||||||
Additional paid-in capital |
||||||||
Retained earnings |
||||||||
Cost of |
( |
) | ( |
) | ||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
Total Landstar System, Inc. and subsidiary shareholders’ equity |
||||||||
Noncontrolling interest |
— |
|||||||
Total equity |
||||||||
Total liabilities and equity |
$ | $ | ||||||
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 28, 2019 |
September 29, 2018 |
September 28, 2019 |
September 29, 2018 |
|||||||||||||
Revenue |
$ | |
$ | |
$ | |
$ | |
||||||||
Investment income |
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|
|
|
||||||||||||
Costs and expenses: |
||||||||||||||||
Purchased transportation |
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|
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|
||||||||||||
Commissions to agents |
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|
||||||||||||
Other operating costs, net of gains/losses on asset sales/dispositions |
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||||||||||||
Insurance and claims |
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|
||||||||||||
Selling, general and administrative |
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||||||||||||
Depreciation and amortization |
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|
||||||||||||
Total costs and expenses |
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||||||||||||
Operating income |
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||||||||||||
Interest and debt expense |
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||||||||||||
Income before income taxes |
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||||||||||||
Income taxes |
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||||||||||||
Net income |
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||||||||||||
Less: Net loss attributable to noncontrolling interest |
( |
) | ( |
) | — |
( |
) | |||||||||
Net income attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
Earnings per common share attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
Average number of shares outstanding: |
||||||||||||||||
Earnings per common share |
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|
||||||||||||
Diluted earnings per share |
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|
|
|
||||||||||||
Dividends per common share |
$ | |
$ | |
$ | |
$ | |
||||||||
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 28, 2019 |
September 29, 2018 |
September 28, 2019 |
September 29, 2018 |
|||||||||||||
Net income attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
Other comprehensive income (loss): |
||||||||||||||||
Unrealized holding gains (losses) on available-for-sale investments, net of tax expense (benefit) of $ |
|
( |
) | |
|
|||||||||||
Foreign currency translation gains (losses) |
|
( |
) | ( |
) | |
||||||||||
Other comprehensive income (loss) |
|
( |
) | ( |
) | |
||||||||||
Comprehensive income attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
Thirty Nine Weeks Ended |
||||||||
September 28, 2019 |
September 29, 2018 |
|||||||
OPERATING ACTIVITIES |
||||||||
Net income |
$ | |
$ | |
||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization of operating property and intangible assets |
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|
||||||
Non-cash interest charges |
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|
||||||
Provisions for losses on trade and other accounts receivable |
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|
||||||
Gains on sales/disposals of operating property |
( |
) | ( |
) | ||||
Deferred income taxes, net |
|
|
||||||
Stock-based compensation |
|
|
||||||
Changes in operating assets and liabilities: |
||||||||
Decrease (increase) in trade and other accounts receivable |
|
( |
) | |||||
Increase in other assets |
( |
) | ( |
) | ||||
(Decrease) increase in accounts payable |
( |
) | |
|||||
(Decrease) increase in other liabilities |
( |
) | |
|||||
Increase in insurance claims |
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|
||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES |
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|
||||||
INVESTING ACTIVITIES |
||||||||
Sales and maturities of investments |
|
|
||||||
Purchases of investments |
( |
) | ( |
) | ||||
Purchases of operating property |
( |
) | ( |
) | ||||
Proceeds from sales of operating property |
|
|
||||||
NET CASH USED BY INVESTING ACTIVITIES |
( |
) | ( |
) | ||||
FINANCING ACTIVITIES |
||||||||
Decrease in cash overdraft |
( |
) | ( |
) | ||||
Dividends paid |
( |
) | ( |
) | ||||
Proceeds from exercises of stock options |
|
|
||||||
Taxes paid in lieu of shares issued related to stock-based compensation plans |
( |
) | ( |
) | ||||
Purchases of common stock |
( |
) | ( |
) | ||||
Principal payments on finance lease obligations |
( |
) | ( |
) | ||||
Purchase of noncontrolling interest |
( |
) | — |
|||||
Payment of contingent consideration |
— |
( |
) | |||||
NET CASH USED BY FINANCING ACTIVITIES |
( |
) | ( |
) | ||||
Effect of exchange rate changes on cash and cash equivalents |
|
( |
) | |||||
Increase (decrease) in cash and cash equivalents |
|
( |
) | |||||
Cash and cash equivalents at beginning of period |
|
|
||||||
Cash and cash equivalents at end of period |
$ | |
$ | |
||||
Landstar System, Inc. and Subsidiary Shareholders |
||||||||||||||||||||||||||||||||||||
|
Additional Paid-In Capital |
Retained Earnings |
|
Accumulated Other Comprehensive (Loss) Income |
Non-controlling Interests |
|||||||||||||||||||||||||||||||
|
Common Stock |
|
Treasury Stock at Cost |
|
| |||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Total |
||||||||||||||||||||||||||||||||
Balance December 29, 2018 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
||||||||||||||||||
Net income (loss) |
|
|
|
|
|
|
( |
) |
|
|||||||||||||||||||||||||||
Dividends ($ |
|
|
|
( |
) |
|
|
|
( |
) | ||||||||||||||||||||||||||
Purchases of common stock |
|
|
|
|
|
( |
) |
|
|
( |
) | |||||||||||||||||||||||||
Purchase of noncontrolling interests |
|
|
|
|
|
|
|
( |
) |
( |
) | |||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) | ||||||||||||||||||||||||
Stock-based compensation |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Other comprehensive income |
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
Balance March 30, 2019 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
— |
$ |
|
||||||||||||||||||
Net income |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Dividends ($ |
|
|
( |
) |
|
|
|
( |
) | |||||||||||||||||||||||||||
Purchases of common stock |
|
|
|
|
|
( |
) |
|
|
( |
) | |||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) | ||||||||||||||||||||||||
Stock-based compensation |
|
|
|
|
|
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|
|||||||||||||||||||||||||||||
Other comprehensive income |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Balance June 29, 2019 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
— |
$ |
|
||||||||||||||||||
Net income |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Dividends ($ |
|
|
( |
) |
|
|
|
( |
) | |||||||||||||||||||||||||||
Purchases of common stock |
|
|
|
|
|
( |
) |
|
|
( |
) | |||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
|
— |
|
|
|
( |
) |
|
|
|
||||||||||||||||||||||||||
Stock-based compensation |
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
Other comprehensive loss |
|
|
|
|
( |
) |
|
( |
) | |||||||||||||||||||||||||||
Balance September 28, 2019 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
— |
$ |
|
||||||||||||||||||
Landstar System, Inc. and Subsidiary Shareholders |
||||||||||||||||||||||||||||||||||||
|
Additional Paid-In Capital |
Retained Earnings |
|
Accumulated Other Comprehensive (Loss) Income |
Non-controlling Interests |
|||||||||||||||||||||||||||||||
|
Common Stock |
|
Treasury Stock at Cost |
|
| |||||||||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
Total |
||||||||||||||||||||||||||||||||
Balance December 30, 2017 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
||||||||||||||||||
Adoption of accounting standards |
|
|
||||||||||||||||||||||||||||||||||
Net income (loss) |
|
( |
) |
|
||||||||||||||||||||||||||||||||
Dividends ($ |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
Purchases of common stock |
|
( |
) |
( |
) | |||||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
|
|
( |
) |
|
( |
) |
( |
) | |||||||||||||||||||||||||||
Stock-based compensation |
|
|
||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income |
( |
) |
|
( |
) | |||||||||||||||||||||||||||||||
Balance March 31, 2018 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
||||||||||||||||||
Net income (loss) |
|
( |
) |
|
||||||||||||||||||||||||||||||||
Dividends ($ |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
Purchases of common stock |
|
( |
) |
( |
) | |||||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
|
|
|
( |
) |
( |
) | |||||||||||||||||||||||||||||
Stock-based compensation |
|
|
||||||||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
Balance June 30, 2018 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
||||||||||||||||||
Net income (loss) |
|
( |
) |
|
||||||||||||||||||||||||||||||||
Dividends ($ |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
Transaction with noncontrolling interests |
|
( |
) |
— |
||||||||||||||||||||||||||||||||
Issuance of stock related to stock-based compensation plans |
|
|
( |
) |
|
( |
) |
( |
) | |||||||||||||||||||||||||||
Stock-based compensation |
|
|
||||||||||||||||||||||||||||||||||
Other comprehensive income |
|
|
|
|||||||||||||||||||||||||||||||||
Balance September 29, 2018 |
|
$ |
|
$ |
|
$ |
|
|
$ |
( |
) |
$ |
( |
) |
$ |
|
$ |
|
||||||||||||||||||
(1) |
Significant Accounting Policies |
(2) |
Share-based Payment Arrangements |
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 28, 2019 |
September 29, 2018 |
September 28, 2019 |
September 29, 2018 |
|||||||||||||
Total cost of the Plans during the period |
$ | $ | $ | $ | ||||||||||||
Amount of related income tax benefit recognized during the period |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Net cost of the Plans during the period |
$ | $ | $ | $ | ||||||||||||
Number of RSUs |
Weighted Average Grant Date Fair Value |
|||||||
Outstanding at December 29, 2018 |
$ | |||||||
Granted |
$ | |||||||
Shares earned in excess of target (1) |
$ | |||||||
Vested shares, including shares earned in excess of target |
( |
) | $ | |||||
Forfeited |
( |
) | $ | |||||
Outstanding at September 28, 2019 |
$ | |||||||
(1) |
Represents shares earned in excess of target under the January 27, 2015 and January 29, 2016 RSU awards as actual results exceeded the target under both awards as a result of fiscal year 2018 results and under the May 1, 2015 RSU award as total shareholder return exceeded the target under the award. |
Number of Options |
Weighted Average Exercise Price per Share |
Weighted Average Remaining Contractual Term (years) |
Aggregate Intrinsic Value (000s) |
|||||||||||||
Options outstanding at December 29, 2018 |
|
$ | |
|||||||||||||
Exercised |
( |
) | $ | |
||||||||||||
Options outstanding at September 28, 2019 |
|
$ | |
|
$ | |
||||||||||
Options exercisable at September 28, 2019 |
|
$ | |
|
$ | |
||||||||||
Number of Shares and Deferred Stock |
Weighted Average Grant Date Fair Value |
|||||||
Non-vested at December 29, 2018 |
|
$ | |
|||||
Granted |
|
$ | |
|||||
Vested |
( |
) | $ | |
||||
Non-vested at September 28, 2019 |
|
$ | |
|||||
(3) |
Income Taxes |
(4) |
Earnings Per Share |
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 28, 2019 |
September 29, 2018 |
September 28, 2019 |
September 29, 2018 |
|||||||||||||
Average number of common shares outstanding |
|
|
|
|
||||||||||||
Incremental shares from assumed exercises of stock options |
— |
|
— |
|
||||||||||||
Average number of common shares and common share equivalents outstanding |
|
|
|
|
||||||||||||
(5) |
Additional Cash Flow Information |
(6) |
Segment Information |
Thirty Nine Weeks Ended |
||||||||||||||||||||||||
September 28, 2019 |
September 29, 2018 |
|||||||||||||||||||||||
Transportation Logistics |
Insurance |
Total |
Transportation Logistics |
Insurance |
Total |
|||||||||||||||||||
External revenue |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
Internal revenue |
|
|
|
|
|
|||||||||||||||||||
Investment income |
|
|
|
|
|
|||||||||||||||||||
Operating income |
|
|
|
|
|
|
||||||||||||||||||
Expenditures on long-lived assets |
|
|
|
|
|
|||||||||||||||||||
Goodwill |
|
|
|
|
|
|||||||||||||||||||
Thirteen Weeks Ended |
||||||||||||||||||||||||
September 28, 2019 |
September 29, 2018 |
|||||||||||||||||||||||
Transportation Logistics |
Insurance |
Total |
Transportation Logistics |
Insurance |
Total |
|||||||||||||||||||
External revenue |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
Internal revenue |
|
|
|
|
|
|||||||||||||||||||
Investment income |
|
|
|
|
|
|||||||||||||||||||
Operating income |
|
|
|
|
|
|
||||||||||||||||||
Expenditures on long-lived assets |
|
|
|
|
|
(7) |
Other Comprehensive Income |
Unrealized Holding (Losses) Gains on Available-for-Sale Securities |
Foreign Currency Translation |
Total |
||||||||||
Balance as of December 29, 2018 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
Other comprehensive income |
|
|
|
|||||||||
Balance as of September 28, 2019 |
$ | |
$ | ( |
) | $ | ( |
) | ||||
(8) |
Investments |
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Fair Value |
|||||||||||||
September 28, 2019 |
||||||||||||||||
Money market investments |
$ | |
$ | — |
$ | — |
$ | |
||||||||
Asset-backed securities |
|
|
— |
|
||||||||||||
Corporate bonds and direct obligations of government agencies |
|
|
|
|
||||||||||||
U.S. Treasury obligations |
|
|
— |
|
||||||||||||
Total |
$ | |
$ | |
$ | |
$ | |
||||||||
December 29, 2018 |
||||||||||||||||
Money market investments |
$ | |
$ | — |
$ | — |
$ | |
||||||||
Asset-backed securities |
|
— |
|
|
||||||||||||
Corporate bonds and direct obligations of government agencies |
|
|
|
|
||||||||||||
Total |
$ | |
$ | |
$ | |
$ | |
||||||||
|
Less than 12 months |
|
|
12 months or longer |
|
|
Total |
| ||||||||||||||||
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
Fair Value |
Unrealized Loss |
|||||||||||||||||||
September 28, 2019 |
||||||||||||||||||||||||
Corporate bonds and direct obligations of government agencies |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
December 29, 2018 |
||||||||||||||||||||||||
Asset-backed securities |
$ | — |
$ | — |
$ | |
$ | |
$ | |
$ | |
||||||||||||
Corporate bonds and direct obligations of government agencies |
|
|
|
|
|
|
||||||||||||||||||
Total |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
||||||||||||
(9) |
Leases |
Finance leases: |
||||
Amortization of right-of-use assets |
$ | |
||
Interest on lease liability |
|
|||
Total finance lease cost |
|
|||
Operating leases: |
||||
Lease cost |
|
|||
Variable lease cost |
|
|||
Sublease income |
( |
) | ||
Total operating lease (income)/cost |
( |
) | ||
Total lease cost |
$ | |
||
Assets: |
|
|
|
|
|
|
Operating lease right-of-use assets |
Other assets |
$ | |
|||
Finance lease assets |
Operating property, less accumulated depreciation and amortization |
|
||||
Total lease assets |
$ | |
||||
Finance Leases |
Operating Leases |
|||||||
2019 Remainder |
$ | |
$ | |
||||
2020 |
|
|
||||||
2021 |
|
|
||||||
2022 |
|
|
||||||
2023 |
|
|
||||||
Thereafter |
|
|
||||||
Total future minimum lease payments |
|
|
||||||
Less amount representing interest ( |
|
|
||||||
Present value of minimum lease payments |
$ | |
$ | |
||||
Current maturities of long-term debt |
|
|||||||
Long-term debt, excluding current maturities |
|
|||||||
Other current liabilities |
|
|||||||
Deferred income taxes and other noncurrent liabilities |
|
Finance Leases |
Operating Leases |
|||||||
Weighted average remaining lease term (years) |
|
|
||||||
Weighted average discount rate |
|
% | |
% |
(10) |
Commitments and Contingencies |
(11) |
Change in Accounting Estimate for Self-Insured Claims |
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 28, 2019 |
September 29, 2018 |
September 28, 2019 |
September 29, 2018 |
|||||||||||||
Operating income |
$ | |
$ | |
$ | |
$ | |
||||||||
Net income attributable to Landstar System, Inc. and subsidiary |
|
|
|
|
||||||||||||
Earnings per share attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
||||||||
Diluted earnings per share attributable to Landstar System, Inc. and subsidiary |
$ | |
$ | |
$ | |
$ | |
(12) |
Recent Accounting Pronouncements |
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 28, |
September 29, |
September 28, |
September 29, |
|||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Revenue generated through (in thousands): |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
$ | 1,799,421 |
$ | 2,086,523 |
$ | 575,042 |
$ | 717,047 |
||||||||
Unsided/platform equipment |
980,615 |
1,039,784 |
331,787 |
375,739 |
||||||||||||
Less-than-truckload |
73,475 |
76,448 |
25,367 |
25,500 |
||||||||||||
Total truck transportation |
2,853,511 |
3,202,755 |
932,196 |
1,118,286 |
||||||||||||
Rail intermodal |
87,555 |
96,026 |
28,970 |
34,439 |
||||||||||||
Ocean and air cargo carriers |
89,258 |
82,719 |
30,365 |
31,213 |
||||||||||||
Other (1) |
59,374 |
51,293 |
20,127 |
18,143 |
||||||||||||
$ | 3,089,698 |
$ | 3,432,793 |
$ | 1,011,658 |
$ | 1,202,081 |
|||||||||
Revenue on loads hauled via BCO Independent Contractors included in total truck transportation |
$ | 1,390,135 |
$ | 1,519,344 |
$ | 466,207 |
$ | 520,391 |
||||||||
Number of loads: |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
1,014,572 |
1,045,322 |
327,671 |
353,456 |
||||||||||||
Unsided/platform equipment |
391,112 |
388,759 |
130,192 |
133,425 |
||||||||||||
Less-than-truckload |
115,616 |
106,639 |
41,067 |
35,969 |
||||||||||||
Total truck transportation |
1,521,300 |
1,540,720 |
498,930 |
522,850 |
||||||||||||
Rail intermodal |
35,370 |
40,260 |
11,490 |
13,420 |
||||||||||||
Ocean and air cargo carriers |
22,150 |
21,250 |
7,340 |
8,220 |
||||||||||||
1,578,820 |
1,602,230 |
517,760 |
544,490 |
|||||||||||||
Loads hauled via BCO Independent Contractors included in total truck transportation |
722,870 |
717,470 |
239,210 |
236,580 |
||||||||||||
Revenue per load: |
||||||||||||||||
Truck transportation |
||||||||||||||||
Truckload: |
||||||||||||||||
Van equipment |
$ | 1,774 |
$ | 1,996 |
$ | 1,755 |
$ | 2,029 |
||||||||
Unsided/platform equipment |
2,507 |
2,675 |
2,548 |
2,816 |
||||||||||||
Less-than-truckload |
636 |
717 |
618 |
709 |
||||||||||||
Total truck transportation |
1,876 |
2,079 |
1,868 |
2,139 |
||||||||||||
Rail intermodal |
2,475 |
2,385 |
2,521 |
2,566 |
||||||||||||
Ocean and air cargo carriers |
4,030 |
3,893 |
4,137 |
3,797 |
||||||||||||
Revenue per load on loads hauled via BCO Independent Contractors |
$ | 1,923 |
$ | 2,118 |
$ | 1,949 |
$ | 2,200 |
||||||||
Revenue by capacity type (as a % of total revenue): |
||||||||||||||||
Truck capacity providers: |
||||||||||||||||
BCO Independent Contractors |
45 |
% | 44 |
% | 46 |
% | 43 |
% | ||||||||
Truck Brokerage Carriers |
47 |
% | 49 |
% | 46 |
% | 50 |
% | ||||||||
Rail intermodal |
3 |
% | 3 |
% | 3 |
% | 3 |
% | ||||||||
Ocean and air cargo carriers |
3 |
% | 2 |
% | 3 |
% | 3 |
% | ||||||||
Other |
2 |
% | 1 |
% | 2 |
% | 2 |
% |
(1) |
Includes primarily reinsurance premium revenue generated by the insurance segment and intra-Mexico transportation services revenue generated by Landstar Metro. |
September 28, 2019 |
September 29, 2018 |
|||||||
BCO Independent Contractors |
9,738 |
9,751 |
||||||
Truck Brokerage Carriers: |
||||||||
Approved and active (1) |
39,963 |
40,151 |
||||||
Other approved |
16,984 |
16,803 |
||||||
56,947 |
56,954 |
|||||||
Total available truck capacity providers |
66,685 |
66,705 |
||||||
Trucks provided by BCO Independent Contractors |
10,441 |
10,443 |
(1) |
Active refers to Truck Brokerage Carriers who moved at least one load in the 180 days immediately preceding the fiscal quarter end. |
Thirty Nine Weeks Ended |
Thirteen Weeks Ended |
|||||||||||||||
September 28, 2019 |
September 29, 2018 |
September 28, 2019 |
September 29, 2018 |
|||||||||||||
Revenue |
100.0 |
% | 100.0 |
% | 100.0 |
% | 100.0 |
% | ||||||||
Purchased transportation |
76.6 |
77.5 |
76.6 |
77.5 |
||||||||||||
Commissions to agents |
8.3 |
8.0 |
8.4 |
8.3 |
||||||||||||
Gross profit margin |
15.1 |
% | 14.5 |
% | 15.1 |
% | 14.3 |
% | ||||||||
Gross profit |
100.0 |
% | 100.0 |
% | 100.0 |
% | 100.0 |
% | ||||||||
Investment income |
0.8 |
0.6 |
0.9 |
0.6 |
||||||||||||
Indirect costs and expenses: |
||||||||||||||||
Other operating costs, net of gains/losses on asset sales/dispositions |
6.1 |
4.9 |
6.8 |
5.2 |
||||||||||||
Insurance and claims |
11.9 |
11.6 |
15.7 |
11.0 |
||||||||||||
Selling, general and administrative |
25.9 |
28.3 |
25.0 |
27.3 |
||||||||||||
Depreciation and amortization |
7.1 |
6.5 |
7.0 |
6.3 |
||||||||||||
Total costs and expenses |
51.0 |
51.3 |
54.6 |
49.8 |
||||||||||||
Operating margin |
49.8 |
% | 49.3 |
% | 46.3 |
% | 50.8 |
% | ||||||||
Fiscal Period |
Total Number of Shares Purchased |
Average Price Paid Per Share |
Total Number of Shares Purchased as Part of Publicly Announced Programs |
Maximum Number of Shares That May Yet Be Purchased Under the Programs |
||||||||||||
June 29, 2019 |
1,325,590 |
|||||||||||||||
June 30, 2019 – July 27, 2019 |
— |
$ | — |
— |
1,325,590 |
|||||||||||
July 28, 2019 – August 24, 2019 |
99,905 |
108.81 |
99,905 |
1,225,685 |
||||||||||||
August 25, 2019 – September 28, 2019 |
74,753 |
106.73 |
74,753 |
1,150,932 |
||||||||||||
Total |
174,658 |
$ | 107.92 |
174,658 |
||||||||||||
Exhibit No. |
Description | |
(31) |
Certifications Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.1 * |
||
31.2 * |
||
(32) |
Certifications Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.1 ** |
||
32.2 ** |
||
101.INS* |
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |
101.SCH* |
Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* |
Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* |
Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* |
Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* |
Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 |
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* | Filed herewith |
** | Furnished herewith |
LANDSTAR SYSTEM, INC. | ||||||
Date: November 1, 2019 |
/s/ James B. Gattoni | |||||
James B. Gattoni | ||||||
President and Chief Executive Officer | ||||||
Date: November 1, 2019 |
/s/ L. Kevin Stout | |||||
L. Kevin Stout | ||||||
Vice President and Chief Financial Officer |